Topic: Islamic Bank of Bitcoin{}بنك بتكوين الاسلامي - page 29. (Read 112806 times)

I think this is an excellent area of exploration. However i have a few reservations, how will you compensate for loans that default ? If you don't charge anything for lending out money your net result will be negative.

I myself have studied both Islam, Judaism, and Christianity, and i do know all of the 3 have historically played with the devils advocate... The Christians outsourced usury to Jews when the pope demanded end of interest, and i do know that todays modern "Islamic Banks" (are not Islamic at all) those banks "resell properties at a premium for longerterm periodic payments" making it equal to usury (but on paper they can say "hey we're 100% Sharia we don't charge interest!").

The way i see it, the bank together with potential investors/bank could do as you say "joint venture" with a client who requests a loan, making it a "equity investment" which should be 100% Bible/Koran compatible if the investment appreciates in value investors, the client and the bank profit, if it declines all the 3 parties share the loss (this also seems as most ethical form of banking). Now, this makes sense. But it gets complicated, you plan to offer this service to anyone ? (some anonymous person can request an investment in a project, commerical or consumer) ?

I think this seems like a very risky business. How will you deal with reducing fraud/abuse ?

""Question: are their restrictions against lending at interest to non-Muslims?""

Yes, profit from the bank must be halal (permissible). So if the bank lends at interest, the interest then is profit for the bank, and that would mean muslims(or jews/christians) cannot buy shares in the company as the bank deals with interest, which makes it non-permissible/haram.

I think a muslim a cannot buy alcohol for example to give it to a non-muslim friend as a gift (though the muslim is not drinking it himself/herself).

If something is not allowed in islam (pork/wine/interest etc..) I cannot buy/sell for my own profit(in those things that are prohibited) or for someone's  profit.

I cannot start a wine business and sell wine/alcohol to non-muslims while i am not consuming it myself (according to shariah law).

""Perhaps Jews, Christians and Muslims should lend to each other to avoid violating our respective prohibitions""

indeed but also lend to people of other faiths, after all its 0% interest free loan, who would refuse?

the laws is for the good of mankind, why lend to muslims at 0% and lend to non-muslims at interest?

This appears to be a rationalization for a practice that violates the spirit, if not the letter of the command against usury in the Koran.  Christians did this for centuries before re-defining usury (which is also a sin in Christianity and Judaism) as "excessive" interest rather than any interest.   

I'm not a Muslim, much less an Imam, so my opinion shouldn't matter to anyone. It's just my thought. 
Question: are their restrictions against lending at interest to non-Muslims? In the European middle ages, Jews became bankers bacause they were the only ones who could charge interest to the majority Christians without the Church getting upset.

Perhaps Jews, Christians and Muslims should lend to each other to avoid violating our respective prohibitions concerning lending to ourselves in a mutually beneficial partnership. Peace achieved through mutual self interest. Free markets make good neighbors.

أعتقد أن فكرتك هي فكرة جيدة. من شأنه أن يساعد شخص في ليبيا ، على سبيل المثال.

Good luck with this, one of the more interesting ventures I have read on through the forums.

Agreed- fascinating idea. Is Bitcoin still Sharia compliant despite not being back by anything tangible? Have any Islamic scholars given an opinion on the status of Bitcoin?

I think you should consider targeting non-Muslim customers as well. Several faiths in Western history have successfully capitalized on their reputation for honesty. Look into the history of the Quakers.

You would have to may it clear you were apolitical but the Muslim reputation in the West for somewhat implacable faith would work entirely to their benefit in a banking or money exchange context.

I am not Muslim, yet I think this is a wonderful idea. If the rest of the world followed the advice of the good book, we wouldn't be facing financial collapse.

I think simply holding the coins and letting users withdraw to other addresses is quite useful. People don't seem to be able to secure their coins on their own machines. Mybitcoin.com already does this, but more competition is good.

Clearcoin is shutting down indefinitely. I understand it was fairly popular and was a good source of donations. I think you could provide escrow services as well.

Danijel Habek
[email protected]

Danijel Habek named as new CEO of Islamic Bank of Bitcoin

The Islamic Bank of Bitcoin, a Bitcoin banking company operating on Islamic Sharia financial principles, today announced the appointment of their new CEO Danijel Habek. Mr. Habek will immediately assume responsibility for all Islamic Bank of Bitcoin operations and strategy. Mr. Habek brings a lifetime of business experience to his new role. He replaces a shareholder who previously had interim CEO responsibilities.

“I look forward to bringing my experience and leadership to the Islamic Bank of Bitcoin” said Mr. Habek. “In my new role as Chief Executive, I will be responsible for establishing a permanent and useful web presence for the IBB, investing in new joint ventures, and continuing our program of interest free loans.”

“The IBB is at the forefront of Bitcoin finance” continued Mr. Habek. “We believe that finance based on Islamic principles is an incredibly beneficial thing for Bitcoin. Having a strong Islamic bank that is prepared to share profit and risks in joint ventures could significantly boost the Bitcoin economy.”

Mr. Habek has been a supporter of the IBB almost since day one, buying a significant amount of shares. All of his share dividends have been ploughed straight back into the bank. “Right away I saw the potential” said Mr. Habek. “I saw how the IBB could benefit the community by helping enterprising people get their Bitcoin business ideas off the ground. That, in turn, benefits all of us.  The religious aspect aside, Sharia banking principles fit perfectly with our early stage economy. They are tailor made for getting things off the ground.”

Mr. Habek’s first task will be to refine the IBB business plan and continue to sell IBB’s new issue of shares on Cryptostocks.com. The resulting capital raised will be spent on a secure and functional new IBB website, investments in new joint ventures, continuing interest free loans, infrastructure lease, and other expenses. He will also be tasked with reassuring IBB customers and shareholders after the migration to Cryptostocks in the aftermath of the GLBSE collapse.

“Our function is to help people reach their goals,” said Mr. Habek. “I intend to run the bank according to that principle. Whether we’re helping people with small loans, getting involved in exciting joint ventures, or engaging in some other type of activity, I will always bear that in mind.”

Danijel Habek is a longtime IT entrepreneur with an intimate understanding of business. After a long and celebrated career as an IT professional, he set up his own IT business in 2003. Since then he has worked on a large number of successful IT projects. Mr. Habek is also known as a man with an exceptional community spirit. He often volunteers his time and expertise to IT projects surrounding his local Sporting Association.

About the Islamic Bank of Bitcoin

The Islamic Bank of Bitcoin is a Sharia compliant Bitcoin banking organization that offers interest free loans and shared profit/loss joint ventures to people of all faiths in the Bitcoin community.

Contact Information

Islamic Bank of Bitcoin
Danijel Habek
[email protected]
http://www.ib-bitcoin.com/

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